Neuberger Berman manages about 30 equity and fixed-income mutual funds for individual and institutional clients. It also offers closed-end municipal bonds, real estate securities, and hybrid funds; variable annuity portfolios; separate accounts; and alternative investments; as well as financial advisory services, including private asset management for those with at least $1 million to invest. Neuberger Berman operates about a dozen offices across the US. Founded by Roy Neuberger in 1939, the company was acquired by Lehman Brothers in 2003. Lehman filed for Chapter 11 bankruptcy in 2008, though, and sold a 51% stake in Neuberger Berman to the company's management the following year.